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Pharley Simple system - Get your levels right for trading S/R

  • #321
  • Jun 14, 2016 7:03am Jun 14, 2016 7:03am
Pending sell orders for the GbpAu........playing with the 5 min. 27 markets in daily TF.
Attached Image (click to enlarge)
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My help is in the name of the Lord who made heaven and earth.
  • #322
  • Jun 14, 2016 8:20am Jun 14, 2016 8:20am
Quoting Albertdkpllh
Pending sell orders for the GbpAu........playing with the 5 min. 27 markets in daily TF. {image}
Stop loss moved to -7 pips....
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM5.png Size: 47 KB
My help is in the name of the Lord who made heaven and earth.
  • #323
  • Jun 14, 2016 9:42am Jun 14, 2016 9:42am
Quoting Albertdkpllh
{quote} Stop loss moved to -7 pips.... {image}
Update:
+80 pips
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Click to Enlarge Name: GBPAUDM5.png Size: 48 KB
My help is in the name of the Lord who made heaven and earth.
  • #324
  • Jun 14, 2016 11:44am Jun 14, 2016 11:44am
Quoting Albertdkpllh
{quote} Update: +80 pips {image}
Trade closed. +38pips
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Click to Enlarge Name: GBPAUDM5.png Size: 48 KB
My help is in the name of the Lord who made heaven and earth.
  • #325
  • Jun 15, 2016 1:47am Jun 15, 2016 1:47am
hi Pharley,according to your analysis on post 285 how do you determine the week trend on euraud i think its buy now but its in a range on 4hr,or better can you analyse this pair based on you approach as it is now.thanks
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  • #326
  • Jun 15, 2016 2:01am Jun 15, 2016 2:01am
Quoting timilehin
hi Pharley,according to your analysis on post 285 how do you determine the week trend on euraud i think its buy now but its in a range on 4hr,or better can you analyse this pair based on you approach as it is now.thanks {image}
Hi Timilehin and thanks for your question.

See charts below for week,day, 4hr and 1hr.

All I can say is the type of PA that the pair is currently in - a range - I keep well away from. I need to see it trending before I'll take a trade on this one. You have a much better chance of success in entering when things are moving in an overall direction. Of course you could play the range up and down - different strategy and I tend not to range trade.

Cheers
Pharley
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud 1 week.PNG Size: 63 KB
Click to Enlarge Name: euraud day.PNG Size: 58 KB
Click to Enlarge Name: euraud 4hr.PNG Size: 49 KB
Click to Enlarge Name: euraud 60m.PNG Size: 56 KB
  • #327
  • Jun 15, 2016 2:20am Jun 15, 2016 2:20am
Hi - at the moment I'm a bit wary of trading fx due to the impending Brexit vote. I did take a speculative gold long trade the other day which I'm hanging on to for now. Rumours are that if the UK votes to leave, gold may shoot up to $1350 or even $1400 so I bought a small amount just in case. Plus gold has been trending up.

I'm also working on something else which is a longer term swing trading method that looks very interesting. I'll see how it goes.

Cheers
Pharley
  • #328
  • Jun 15, 2016 3:21am Jun 15, 2016 3:21am
Quoting pharley
Hi - at the moment I'm a bit wary of trading fx due to the impending Brexit vote.
I agree. I've been phasing out of trading the GBP, EUR, CHF pairs - the increased volatility will present opportunities for some, but it's too risky for me - I'll be well out of the market by the time the vote comes. Good brokers are starting to increase their margin level requirements (if yours isn't then be very careful - and consider changing them - whether it is another Black Wednesday or not, if your broker isn't actively managing the risk then they are playing fast and loose).

Pharley - thanks for all your input here - it's a solid thread and your generous input and patience is to be commended. Using your approach has now helped increase my account by 101% in a couple of weeks (using approx 5% risk per trade). You've helped provide a renewed clarity and focus for me and I appreciate it.
  • #329
  • Jun 15, 2016 3:41am Jun 15, 2016 3:41am
Quoting hollowhead
{quote} I agree. I've been phasing out of trading the GBP, EUR, CHF pairs - the increased volatility will present opportunities for some, but it's too risky for me - I'll be well out of the market by the time the vote comes. Good brokers are starting to increase their margin level requirements (if yours isn't then be very careful - and consider changing them - whether it is another Black Wednesday or not, if your broker isn't actively managing the risk then they are playing fast and loose). Pharley - thanks for all your input here - it's a solid...
Yes I agree - we all must be careful for now. I think the vote is next week - June 23 - so go easy on trading for now.

Hey - GREAT results mate! It's good you're keeping the risk low and it shows that terrific returns can be had while maintaining control over any losses. I spent a fair but of time on my other thread talking about entering multiple times and keeping risk to a minimum and still getting good results.

Well done mate - keep it up! And don't forget me when you're a squillionaire!

Pharley
  • #330
  • Jun 15, 2016 8:16am Jun 15, 2016 8:16am
I have a hard time finding pairs that trend it seems most are in consolidation more or less.


Best regards
  • #331
  • Edited 4:56pm Jun 15, 2016 9:48am | Edited 4:56pm
Hi Pharley,
Â
Can I ask a question?
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Attached is UJ H1, it's been in a range box and it's really 'dirty', chopping around, looks so much like a centipede.
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In this scenario, do you wait until the box broken with momentum and take a trade at the retest, or will you buy the low and sell the top inside the box? Thanks in advance for your time!
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Simplicity is the key to brilliance
  • #332
  • Jun 15, 2016 6:04pm Jun 15, 2016 6:04pm
Quoting LinFX
Hi Pharley, Can I ask a question? Attached is UJ H1, it's been in a range box and it's really 'dirty', chopping around, looks so much like a centipede. In this scenario, do you wait until the box broken with momentum and take a trade at the retest, or will you buy the low and sell the top inside the box? Thanks in advance for your time! {image}
HI LinFX - at the moment we're in a very special set of circumstances which is why much of the price action has reduced enormously.

The vote for Britain to leave the EU (or not) is next week, and the outcome will have a fairly major impact economically. So you find that people and institutions are trading as much - hence the lack of trending action.

Yes you can trade the range - sell at the top, buy at the bottom. But I tend not to trade ranges and stick with trending action.

I this particular case withe UJ, I wont be trading it until it shows a clear trend again or any pair for that matter, until we're over this Brexit period.

Cheers
Pharley
  • #333
  • Jun 16, 2016 4:27am Jun 16, 2016 4:27am
Hi Pharley,

I have a question regarding this. How do you identify trend? How do you know that a pair is trending? Do you look at higher time frame and only take positions based on higher time frame context?
  • #334
  • Jun 16, 2016 7:20am Jun 16, 2016 7:20am
Great thread, Pharley! Thank you so much for your time and effort.

One question I have, when you stack orders to trade from one to the next daily SR level, what will you do if a order gets stopped out? I.E. you are 3 orders deep, and all your orders get taken out with the stoploss of the last order, as you always put all your SLs in one place - will you try to get in again, or is the run dead for you?

Also, do you need any price action confirmation on the D1 like Pinbars or sth like that? Or do you watch price approach SR on H1, and see if you get a rejection, break, and simply enter on retrace?

Thank you mate!
  • #335
  • Jun 16, 2016 8:05am Jun 16, 2016 8:05am
Sorry, and when you stack your orders - are the 3% in relation to the floating P&L or do you always relate to the balance before you entered your first order?

Thank you so much.
  • #336
  • Jun 16, 2016 9:02am Jun 16, 2016 9:02am
Lcrude H1 short TP 4646

Hello Pharley , if something is wrong , please let me know . Thank you very much for your effort
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  • #337
  • Jun 16, 2016 9:55am Jun 16, 2016 9:55am
AU short TP 0.7315
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  • #338
  • Jun 16, 2016 10:03am Jun 16, 2016 10:03am
EUR/CAD short M15 TP1.4504
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  • #339
  • Jun 16, 2016 3:13pm Jun 16, 2016 3:13pm
Quoting Jun1031
Hi Pharley, I have a question regarding this. How do you identify trend? How do you know that a pair is trending? Do you look at higher time frame and only take positions based on higher time frame context?
I would say, look for higher highs/lower lows, but worth checking higher time frames to see if its ranging there.
  • #340
  • Jun 16, 2016 5:45pm Jun 16, 2016 5:45pm
Quoting Jun1031
Hi Pharley, I have a question regarding this. How do you identify trend? How do you know that a pair is trending? Do you look at higher time frame and only take positions based on higher time frame context?
Hi Jun,

Yes I look at the higher timeframes, draw in the S/R areas, then look at where price is in relation to those. If it's hit a resistance at the top and is travelling downwards towards support, then it's a downtrend - typically it shows lower highs and lower lows with the swings. THe reverse for an upwards trend. If you zoom out on a high time frame it's easier to see the overall market structure and trend.

Cheers
Pharley
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